How Artificial Intelligence Is Reshaping the Work of Finance

Artificial Intelligence isn’t just coming—it’s already here. And it’s transforming the way finance leaders operate.

Whether streamlining workflows, enhancing decision-making or redefining the role of CFOs, AI is reshaping the finance function in ways we could only imagine a few years ago. The question isn’t if AI will change the industry—it’s how finance professionals will adapt and leverage it to stay ahead.

In a recent episode of The CFO Show, guest Hugh Cumming, CTO of Vena, unpacked the evolving role of AI in finance. He shed some light on how AI is more than just an efficiency booster. It’s a strategic tool that will redefine finance leadership.

From this conversation, one thing is clear. For those aiming to step into CFO roles, embracing AI isn’t optional anymore—it’s essential. But what does that mean for the future of finance, and how can you prepare for the AI-driven shift?

Let’s dive in.

The AI Revolution: A Historical Parallel

AI is often compared to past technological revolutions, from the invention of the steam engine to the rise of the computer, the internet or mobile devices—technologies that changed the way people live and work.

Just as the advent of those technologies transformed how businesses operated, AI promises to do the same—creating seismic shifts across all areas of business. And that’s as true in finance as it is anywhere else.

“[With the introduction of the computer] you went from accounting rooms filled with people filling in ledgers by hand to suddenly overnight—with the advent of large-scale computers—being able to finish not just 20% faster, but thousands of times faster,” Hugh said during the podcast episode. “You have to think of AI as that profound–a change over time to the way we work.”

Driving Efficiency and Assisting Communication

One of AI’s most immediate benefits is efficiency. Organizations–like Vena–are already using AI-powered tools to streamline workflows and eliminate time-consuming manual tasks.

“My favorite example right now at Vena is our legal team,” Hugh says. “They've jumped right into using a variety of AI tools to help build contract language while still maintaining the responsibility to ensure that it’s correct. The amount of work it can generate would have taken a room full of interns. It’s possible now for a small legal team to do the work of many more. And it’s simply with the power of AI.”

Similarly, Vena’s procurement team is using AI to compare vendor contracts, identify discrepancies and ensure compliance—freeing up employees to focus on strategy and negotiations rather than administrative tasks.

In addition to building new efficiencies in the business, AI can also enhance communication and productivity, helping to prioritize emails and draft responses. This way, it can serve as a personal assistant, helping leaders stay on top of their work without drowning in unnecessary details.

Hugh says this type of “context switching” can be overly trying at times, and AI helps make it easier.

Taking Creativity to the Next Level

While AI’s efficiency and communication gains are evident, its role in enhancing creativity is equally compelling. By automating repetitive tasks, AI allows finance professionals to focus on high-value work—such as strategic decision-making, problem-solving and scenario planning.

Creativity in finance might sound counterintuitive, but it plays a crucial role in forecasting, risk assessment and business strategy. “[Consider] the amount of pre-work that has to happen before you can come up with those creative moments,” Hugh says.

AI can sift through vast datasets, highlight anomalies and identify trends that may otherwise go unnoticed, giving finance teams a head start in proactive decision-making.

“Creativity can’t be pushed,” Hugh says. “You have to make sure all the ingredients are there for it to happen. And AI can help get you into that spot where you don't have too many drains on your creative cycle, so you can focus on being creative.”

In other words, AI helps professionals focus on their “best work” rather than just “work.” If 70% of an employee’s day is spent on mundane tasks, AI can flip that ratio, enabling finance teams to dedicate more time to impactful, strategic initiatives instead.

How AI Is Changing the Role of Finance Professionals

With AI automating many traditional finance tasks, the role of finance professionals is shifting. Future CFOs will need to be more than just number crunchers—they must be strategic partners in business growth.

But Hugh is quick to say AI should be viewed as a workforce partner, not a replacement.

“[AI] is there to help you, not to take your job,” he emphasizes. Organizations that embrace AI will find their finance teams spending less time compiling reports and more time advising business leaders on financial strategy. I think the idea that AI will help unlock human potential is very real.”

To remain competitive in this new environment enabled by AI, finance professionals must build change resilience and develop skills that complement this technology, such as:

• Data interpretation: AI can generate insights, but humans must make sense of them.
• Strategic thinking: CFOs need to focus on leveraging AI-driven insights for long-term business decisions.
• Communication and collaboration: Finance leaders must work closely with AI developers and other business units to maximize AI’s potential.

Once you have those skills in place, though, how do you integrate AI into your finance organization effectively?

How To Integrate AI Into Your Finance Function

If your organization hasn’t already started integrating AI into its finance functions, now is the time to start. But how can finance leaders introduce AI without disrupting business operations? Here are some of Hugh’s tips:

1. Start Small

Start by identifying a specific problem AI can solve—such as automating expense reporting or financial forecasting. You can continue to build your usage from there.

“Part of it is just getting that comfort and confidence,” Hugh says.

2. Experiment and Learn

Testing AI solutions in controlled environments can give you a chance to build comfort in the accuracy of AI’s answers and play around with the prompts you use to see what gets the best results before scaling them across the organization.

“One of the ways we always encourage customers to try things is to take something you know the answer to that you're going to get asked by one of your business stakeholders and ask AI to give you the answer,” Hugh says. “Then see whether or not it got the same answer that you did.”

3. Encourage a Culture of Adoption

Employees should feel comfortable experimenting with AI tools. Leaders can foster this by encouraging team discussions and knowledge sharing.

As you build that culture, Hugh adds, think of AI not as a seasoned pro but as an intern just learning how to do the job right. There’s going to be some training and learning on the job. “It's not all or nothing,” he says. “It's very incremental.”

4. Ensure Accuracy and Governance

Just like your new intern may make a mistake, AI isn’t infallible either. That’s why finance teams must review and validate all AI-driven decisions, just as human-generated reports are checked for accuracy.

“You can’t think of it like, I’m just going to turn this on to everyone, and then it’s done,” Hugh says. “We all still hold that responsibility for making sure it’s doing good work on our behalf.”

The Future of AI in Finance

It’s already become clear that companies that leverage AI effectively will gain a competitive edge. AI allows teams to reallocate resources to innovation and strategic efforts, and because of that, it has quickly become a multiplier for business growth, enabling organizations to outpace competitors who are slow to adapt.

So, what’s next for AI?

Hugh predicts that AI-driven automation will expand beyond administrative functions to areas like autonomous transportation, fundamentally altering industries and economies. Closer to home, finance leaders should expect AI to become further integrated into their decision making, risk management, and strategic planning.

One thing is clear: AI is here to stay. Finance leaders who embrace it now will not only future-proof their careers, but also drive transformative change within their organizations.

And for aspiring CFOs, the message is simple: adapt, experiment and leverage AI to unlock new opportunities. The finance leaders of tomorrow will be those who harness AI’s power, not those who resist it. 

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